We have audited the financial statements of HVAX TECHNOLOGIES LIMITED (FORMERLY KNOWN AS HVAX
TECHNOLOGIES PRIVATE LIMITED) ("the Company"), which comprise the balance sheet as at 3lⁱ¹ March '24,
and the statement of Profit and Loss, and statement of cash flows for the year ended 31*¹ March ‘24, and
notes to the financial statements, including a summary of significant accounting policies and other explanatory
information.

In our opinion and to the best of our information and according to the explanations given to us, the aforesaid
financial statements give the information required by the Companies Act, 2013 in the manner so required
and give a true and fair view in conformity with the accounting principles generally accepted in India, of
the state of affairs of the Company as at March 31, '24, audits prafit/loSS, and itscash flows for the year ended
March 31, 24.

Basis for Opinion

We conducted our audit in accordance with the Standards on Auditing (5A$| specified under section 143(10)
of the Companies Act, 2013. Our responsibilities under those Standards are further described in the Auditor's
Responsibilities for the Audit of the Financial Statements section of our report. We are independent of the
Company in accordance with the Code of Ethics issued by the Institute of Chartered Accountants of India
together with the ethical requirements that are relevant to our audit of the financial statements under the
provisions of the Companies Act, 2013 and the Rules thereunder, and we have fulfilled our other ethical
responsibilities in accordance with these requirements and the Code of Ethics.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our
? pinion.

Key Audit Matters

Key audit matters are those matters that, in our professional judgment, were of most significance in our audit
of the financial statements of the current period. These matters were addressed in the content of our audit
of the financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate
opinion on these matters and there is no any Key Audit Matters which need to be reported.

The Company's Board of Directors is responsible for the preparation of the other Information The other
information comprises the information included in the Management Discussion and Analysis, Board's Report
including Annexures to Board's Report, Business Responsibility Report, Corporate Governance and
Shareholder's information, but does not include the financial statements and our auditor's report thereon,

Our opinion on the financial Statements does not cover the Other information and we do not express any form
of assurance conclusion thereon,

In connection with our audit of the financial statements, our responsibility is to read the other information
and, in doing so, consider whether the other information Is materially inconsistent with the financial
statements or our knowledge obtained during the course of our audit or otherwise appears to be materially
misstated,

If, based on the work we have performed, we conclude that there is a material misstatement of this other
information, we are required to report that fad. We have nothing to report in this regard.

Responsibility of Management for Financial Statements

The Company's Board of Directors is responsible for the matters stated in section 134(5) of the Companies
Act, 2013 (^J,the Act") with respect to the preparation of these financial statements that give a true and
fair view of the financial position, financial performance, and cash flows of the Company in accordance with
the accounting principles generally accepted in India, including the accounting Standards specified under
section 133 of the Act, This responsibility also includes maintenance of adequate accounting records in
accordance with the provisions of the Act for safeguarding of the assets of the Company and for preventing
and delecting frauds and other Irregularities; selection and application of appropriate accounting policies;
making judgments arid estimates that are reasonable and prudent; and design, implementation and
maintenance of adequate internal financial controls, that were operating effectively for ensuring the accuracy
and completeness of the accounting records, relevant to the preparation and presentation of the financial
statement that give a true and fair view and are free from material misstatement, whether due to Fraud
or error.

In preparing the financial statements, management is responsible for assessing the Company's ability to
continue as a going concern, disclosing, as applicable, matters related to going concern and using the going
concern basis of accounting unless the Board of Directors either intends to liquidate the Company or to
cease operations, or has no realistic alternative but to do so.

The Board of Directors arc also responsible for overseeing the Company's financial reporting process.

Auditor's Responsibilities for the Audit of the Financial Statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are
free from material misstatement, whether due to fraud or error, and to issue an auditor's report that
includes our opinion, Reasonable assurance is a high level of assurance, but is not a guarantee that
an audit conducted in accordance with SA$ will always detect a material misstatement when it exists.
Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate,
they could reasonably be expected to influence the economic decisions of users taken on the basis of
these financial statements.

As part of an audit in accordance with SAs, we exercise professional judgment anm'tirtlSyK^P^^fcnai

skepticism throughout the audit. We also: f A

tt fif r'WV. 1*1 I

Li t | y&M-v H

* Identify and assess the risks of material misstatement of the financial statements, whether due in
fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence
that is sufficient and a ppropriate to provide a basis for our opinion. The risk of not detecting a material
misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve
collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

* Obtain an understanding of internal control relevant to the audit in order to design audit procedures that
are appropriate in the circumstances. Under section I43(3)(i) of the Companies Act, 2013, we arc
also responsible for expressing our opinion on whether the company has adequate internal financial
controls system in place and the operating effectiveness of such controls,

* Evaluate the appropriateness of accounting policies used and the reasonableness of accounting
estimates and related disclosures made by management¬
* Conclude on the appropriateness of management's use of the going concern basis of accounting and,

based on the audit evidence obtained, whether a material uncertainty exists related to events or
conditions that may cast significant doubt on the Company's ability to continue as a going concern. If we
conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to
the related disclosures in the financial statements or. If such disclosures are inadequate, to modify our
opinion, Our conclusions are based on the audit evidence obtained up to the date of our auditor's
report. However, future events or conditions may cause the Company to cease to continue as a
going concern.

* Evaluate the overall presentation, structure and content of the financial statements, including the
disclosures, and whether the financial statements represent the underlying transactions add events in a
manner that achieves fair presentation

We communicate with those charged with governance regarding, among other matters, the planned scope
and timing of the audit and significant audit findings, including any significant deficiencies in internal controJ
that we identify during our audit.

We also provide those charged with governance with a statement that we have complied with relevant
ethical requirements regarding independence, and to communicate with them all relationships and other
matters that may reasonably be thought to bear on our independence, and where applicable, related
safeguards.

Report on other Legal and Regulatory Requirements

1. As required by the Companies (Auditor's Report) Order, 2020 ["the Order"), issued by the Central
Government of India in terms Of sub-section (11) of section 143 of the Companies Act, 2013, we give in
the 'Annexure A' a statement on the matters specified in paragraphs 3 and 4 of the Order, to the extent
applicable.

2. As required by Section 143(3) of the Act, we report that:

(a) We have sought and obtained all the information and explanations which to the best of our knowledge
and belief were necessary for the purposes of our audit.

(b) In our opinion, proper hooks of account as required by law have been kept by the Company so
far as it appears from our examination of those books.

(C) The Balance Sheet, the Statement of Profit and Loss, and the Cash Flow Statement dealt with by
this Report are in agreement with the books of account.

(d) in our opinion, the aforesaid financial statements comply with the Accounting Standg^wwatied under
Section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules.

(e) On the basis of the written representations received from the directors as n

record by the Board of Directors, none of the directors is disqualified as on

appointed as a dlrettor in terms of Section 164 (2) of the Act.

(f) wuh respect to the adequacy af the internal financial controls over financial reporting of the Company
and the operating effectiveness of such controls, refer to our separate Report in "Annexure B
[gj With respect to the other matters to be included in the Auditor's Report in accordance with Rule 11 of
the Companies (Audit and Auditors} Rules, 2014, in our opinion and to the best of our information and
according to the explanations given to us:

i, The Company has not any pending litigation which should require to disclose on its financial
position,

ii The Company did not have any long-term cant racts including derivative contracts for which there
were any material foreseeable fosses

hi There were no amounts which were required to be transferred to the Investor Education
and Protection Fund by the Company,

(a} The management has represented that, to the best of its knowledge and belief. as
disclosed In to the accounts, no funds have been advanced or loaned or invested (either
from borrowed funds or share premium or any other sources or kind of funds! hy the
Company to or in any other persons or entities, including foreign entities ("intermediaries¹'),
with the understanding, whether recorded in writing or otherwise, that the Intermediary
shall:

* directly or indirectly lend or invest in other persons or entities identified in any
manner whatsoever ("Ultimate Beneficiaries") by or on behalf of the Company
or

* provide any guarantee, security or the like to or on behalf of the Ultimate
Beneficiaries.

(b) The management has represented, that, ta the best of its knowledge and belief, as disclosed
in the accounts, no funds have been received by the Company from any persons or entities,
including foreign entities ("Funding Parties"), with the understanding, whether recorded in
writing or otherwise, that the Company shall:

* directly or indirectly, iend or invest in other persons or entities identified in any
manner whatsoever ("Ultimate Beneficiaries") by or on behalf of the Funding
Party or

* provide any guarantee, security or the like from or on behalf of the Ultimate
Beneficiaries

Ý ¹

(c) Based on such audit procedures as considered reasonable and appropriate in the
circumstances, nothing has come to our notice that has caused us to believe that the
representations under sub-da use (d) {i| and (d) (ii) does not contain any material
misstatement,

iv Company has not declared or paid dividend during the year.

(h) With respect to the matter to be Included id the Auditor's Report under Section 197( 16) of the Act:

in our opinion and according to the Information and explanations given to us. the remuneration
paid by the Company to its directors during the current year is in accordance with the provisions
of Section 197 of the Act. The remuneration paid to any director is not in excess of the limit laid
down under Section 197 of the Act. The Ministry of Corporate Affairs has not prescribed other
details underSection 197(16) of the Act which ere required to be commented upon by us
T Ý

(i) Based onourexami nation whic h i ntlu de d test c hecks, the co mpa ny has u sed a n acco u n t i ng sof tw a re fo r
maintaining its books of account which has a feature of recording audit trail (edit lag) facility and the
same has operated throughout the year for ail relevant transactions recorded In the software. Further,
during the course of ouraudit we did not come acrossany instance of audit trail feature being tampered
with.

For Koyur 5hah & Associates.

Chartered Accountants

Firm’s Registration No.: 333288UV

Akhtaq Ahmad Mutvalli

Partner

Membership No,: 181329 Date: 12^lh September, '24

UDIN -2418L329BKCCEF1973 Place: Ahmedabad